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Proactive news summary: Antrim Energy, Top Level Domain, Sirius Minerals, Advanced Oncotherapy ...


There were some big announcements causing frantic share price activity today.

Shares in Top Level Domain Holdings (LON:TLDH) zoomed up in early trading after the company revealed the financial upside to being a loser in auctions for new domain names. The process means the company is set to bank almost £3mln.

The group was in the running for the top level domains (the letters at the end of web addresses) .website and .lawyer, which went to private auction. While the winning bidders will take ownership of the names, the losers share the proceeds.

On Friday, AIM-listed TLDH revealed it will bank £2.97mln from the process despite being a two-time loser.

Antrim Energy (LON:AEY) shares shot up as it confirmed the restart of oil production from the Causeway and Cormorant East fields in the North Sea.

This follows the completion of a routine phase of maintenance, which began in August but had overrun.

Additionally, Antrim also confirmed that production rates from Causeway are now expected to rise over the course of the year, due to the start-up of electrical submersible pumps and the use of water injection.

Elsewhere in the energy sector, Tangiers Petroleum (LON:TPET, ASX:TPT) says the growing interest in Morocco’s oil potential and imminent drilling in the area has contributed to an increase in activity in the group’s shares.

The AIM and ASX listed explorer owns 25% of the Tarfaya offshore block and in the past week the share has gained around 50% (in Australia).

Answering a query from the ASX, questioning the reasons for the move in the price, Tangiers said it was not aware of any additional information that might explain the rise.

US-focused oil firm Caza Oil & Gas (LON:CAZA,TSE:CAZ) has drawn down on its standby equity (SEDA) line to the tune of £500,000, it told investors.

Kevin Foo, chairman and acting chief executive of Victoria Oil & Gas (LON:VOG), admitted that it has been a challenging year for the AIM-listed company.

In a letter to shareholders, he said: “I am concerned about the low share price, which I believe grossly undervalues our business and does not reflect the company's achievements to date.

Operating losses for the year of US$11.6mln reflect the high fixed cost element of its cost base, the company explained. Cost of sales of US$5.5mln includes US$2.3mln for depreciation, depletion and amortisation.

North America-focused oil junior Nostra Terra (LON:NTOG) says it has no intention of carrying out a share placing.

In a stock market statement Nostra Terra rejected investor speculation, much of it posted on internet message boards. Such rumours are false and unfounded, the company said.

Ronald Harwood, a non-executive director of Magnolia Petroleum (LON:MAGP), today purchased 500,000 ordinary shares at 2.8p a pop. Harwood is the third director purchase of the week, following Harwood’s purchase of 500,000 shares at 2.7p announced on Wednesday, and Gavin Burnell’s purchase of 800,000 shares on the same day, of which 450,000 were bought at 2.71p and the rest at 2.68p.

In the resources sector, Sirius Minerals (LON:SXX) has completed the purchase of the farm on which its proposed potash mine will be sited.

Dove's Nest Farm, near Sneaton, Whitby, UK, is the site of the proposed shafts and sub-surface processing buildings for the York Potash project.

"The completed sale totals approximately 100 acres of freehold ownership and includes farm buildings, the farmhouse and three separate holiday accommodation units," the company said.

The coal miner Beacon Hill (LON:BHR) said Friday it has agreed the process of issuing US$19.4mln of unsecured convertible loan notes to financiers Latitude Zero Financial Investment Fund and Darwin Strategic.

It also revealed that due diligence work had begun that will help it land a new secured loan. This will help the group re-finance the senior debt facility provided by Vitol.

AIM-listed Oracle Coalfields (LON:ORCP) has raised £800,000 before expenses through a placing, which will provide it with working capital as it develops its Pakistani coal mine and power plant.

The company raised the funds at 1.8p a share, which is a slight premium to Thursday’s closing market price.

Moving on to the gold miners, Bullabulling Gold (LON:BGL) has announced a new resource for the Gibraltar deposit, which could form part of its eponymous flagship mine development.

The Bullabulling mine plan currently comprises five areas, and doesn’t include Gibraltar, but a new study will assess whether it is viable to develop the deposit as a satellite operation.

Nineteen holes have recently been drilled in the Gibraltar area and this has extended the known size of the deposit, to the east and the west.

Centamin (LON:CEY) has sold more shares of AIM-listed Nyota Minerals (LON:NYO), reducing its stake from 17.2% to 16.1%.

The FTSE 250 gold miner sold 2.7mln shares on Monday at just over 1p each and 6.7mln shares at 0.865p the following day.

Centamin is still Nyota’s largest shareholder, but has been offloading stock lately.

Sneaking in as a fellow traveller of the miners, Seeing Machines was wanted after selling its driver fatigue monitoring technology to Cliffs Natural Resources.

The firm said the technology will be installed into six road trains for a 90 day fatigue assessment trial which, once completed, could see a larger scale rollout across the fleet. The value of this deployment is over A$150,000.

In the healthcare sector, Sphere Medical (LON:SPHR) took a step closer to the launch of its Proxima blood monitor after successfully completing an extensive usability study. The positive findings of the work, carried out at the Queen Elizabeth Hospital, Birmingham, will form an important part of the dossier for the CE Marking.

AIM-listed radiotherapy specialist Advanced Oncotherapy (LON:AVO) has appointed Sanjeev Pandya as acting chief operating officer with immediate effect.

He replaces Dr Sneh Khemka, who has left the board and the company to pursue other ambitions.

Pandya, a trained orthopaedic surgeon, has worked for strategy consultant McKinsey & Company, US drugs making giant Pfizer and investment bank Lehman Brothers.

The company has recruited Professor Christopher Nutting to fill the void left by Professor Chris Boshoff, who has quit the company for a role at Pfizer in California.

Described as an expert in solid cancer treatment, Nutting is a consultant clinical oncologist and chair in radiation oncology at the Royal Marsden Hospital and The Institute of Cancer Research London.

In the tech sector, Forbidden Technologies' (LON:FBT) cloud based editing platform has received another boost, this time from Channel 5.

The broadcaster has agreed to acquire and integrate a FORscene server into its workflow with immediate effect.
Global security group Westminster (LON:WSG) revealed it had further reduced its debt via the conversion of a loan note.

Holders of the 10% convertible notes, issued in June this year, have notified the company that they intend to convert £125,500 of the notes into shares at 35p a pop. Westminster will thus issue 350,000 new shares and reduce its annual interest by a further £12,500.

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